Industry Leaders Fight for a Spot on Trump’s Crypto Council
November 22, 2024
Cryptocurrency companies like Ripple, Kraken, and Circle are vying for seats on President-elect Donald Trump’s promised digital currency council.
Trump previously announced plans for a digital currency council at the Bitcoin 2024 conference in Nashville. During his campaign, he pledged to reform cryptocurrency policies in the United States and make significant changes to the regulatory system.
Leaders from Ripple, Coinbase, Circle Eye Positions on Crypto Council
Coinbase CEO Brian Armstrong recently met with Trump, according to a Reuters report, though details of their discussion remain unclear. Circle CEO Jeremy Allaire, the CEO of USDC stablecoin issuer Circle, and investment firms including Paradigm and Andreessen Horowitz’s crypto arm a16z, are also seeking representation.
The council could operate under the White House National Economic Council or as a separate entity. It aims to include industry leaders, policymakers, and possibly representatives from the executive branch. The Trump team is also considering a “crypto czar” role to lead the council.
As BeInCrypto previously reported, potential candidates include former CFTC Chairman Chris “Crypto Dad” Giancarlo, David Bailey, and Riot Platforms’ head of public policy Brian Morgenstern.
The council’s responsibilities could include creating a Bitcoin reserve based on the Bitcoin Act (ACT) proposed by U.S. Senator Cynthia Lummis. The bill, modeled after the U.S. gold reserve, seeks to create a digital equivalent. Analysts at JPMorgan have described this as unlikely, but recent developments suggest renewed optimism.
However, it would be bold to assume that everyone was on board with the proposal. Some found it problematic that industry players who are interested parties included a new perspective on the issue:
“If Trump does create a cryptocurrency advisory board, it should not include anyone from the cryptocurrency industry itself, given their highly biased views. Instead, it should consist of experts who don’t even own Bitcoin and can therefore make objective recommendations,” wrote financial analyst Peter Schiff.
Wider options for policy leaders
Following Trump’s previous pledge to reform the SEC, current SEC Chairman Gary Gensler announced his resignation on Thursday. His four-year term will end in January 2025, before Trump takes office. There are also rumors about three potential candidates for the role.
Among the contenders is Hester Peirce, a SEC commissioner known for her support of crypto innovation and her criticism of regulatory overreach. Mark Ueda, another SEC commissioner with extensive experience in securities regulation, is also under consideration.
Additionally, Paul Atkins, a former SEC commissioner with a dovish stance, and Brian Brooks, former CEO of Binance.US, are being considered for the position. These candidates reflect a focus on reevaluating regulatory approaches to digital assets.
In response to the hype, the Cryptocurrency Council for Innovation (CCI) made this optimistic prediction:
“From 2025 the US will finally catch up. The EU is waking up and making its own moves. The future of crypto has never looked brighter,” the Crypto Council for Innovation (CCI) wrote on X (formerly Twitter).
Overall, it’s been a festive time for American society lately, with regulatory prospects looking rather bright. Trump’s cryptocurrency council is expected to create a Bitcoin reserve. His media company is also said to be looking to launch a digital payments service called ‘TruthFi’.
